SAIPEM LIMITED
Company number: 07195109
Reporting period:
1 January 2024 to 30 June 2024
Report filed on:
31 January 2025
Approved by:
Roberto Pellegrini
Payment statistics
Average time taken to pay invoices: 62 days
Invoices paid:
- within 30 days: 12%
- in 31 to 60 days: 45%
- in 61 days or more: 43%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 72%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
Saipem Limited’s standard payment terms are 60 days from receipt of invoice. Supplier payment terms are generally negotiated “back to back” with our main client payment terms which are defined by project, these are usually 30, 45 or 60 days
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
Standard payment terms are 60 days from receipt of invoice however there are deviations from these standard terms. For example, the supply of travel services, agency personnel, utilities, consultancy etc. which can be lower at 15, 30 or 45 days
Dispute resolution process
If there is a fundamental error on the invoice e.g. incorrect legal entity, VAT number or where incorrect/no purchase order number or no service entry number etc. is quoted on the invoice, then the supplier will be contacted by email by our Accounts Payable team advising them the invoice has been rejected and the reason why. To resolve the dispute the supplier must submit a revised invoice. All other disputes are resolved in conjunction the purchase order General Terms and Conditions – extract example below: 26 SETTLEMENT OF DISPUTES 26.1 All disputes between PURCHASER and SUPPLIER in connection with or arising out of the PURCHASE ORDER DOCUMENTS, shall be resolved by means of the following procedure: a. The dispute shall initially be referred to PURCHASER's Representative and SUPPLIER's Representative who shall discuss the matter in dispute, and make all reasonable efforts to settle the dispute amicably; b. If the matter in dispute cannot be resolved under Sub-Clause 26.1 a. above within 15 (fifteen) days after receipt by one PARTY of the other PARTY's written request for such amicable settlement, the dispute shall be referred to the Managing Directors of PURCHASER and SUPPLIER. 26.2 Unless otherwise stated in the PURCHASE ORDER, all disputes arising out of or in connection with the PURCHASE ORDER DOCUMENTS which are not settled amicably under the preceding paragraph of this Clause within 45 (forty-five) days after receipt of the above-mentioned written request, may be submitted by either PARTY to arbitration in accordance with the Rules of Arbitration of the International Chamber of Commerce. The arbitrators shall be 3 (three) and shall be appointed in accordance with said rules. 26.3 The seat of the arbitral proceedings shall be London, United Kingdom, and such proceedings shall be conducted in the English language. The arbitral award shall be final and binding on the PARTIES. Each PARTY irrevocably and unconditionally waives any objection or immunity on grounds of sovereignty or otherwise to the arbitral proceedings. 26.4 Whilst any matter or matters are in dispute, SUPPLIER shall continue with the performance and completion of the SUPPLY, and the PARTIES shall comply with all the provisions of the PURCHASE ORDER DOCUMENTS.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No